Ethereum Mega Whales Reclaim 41 million ETH Ahead of $3,400 Target

- Ethereum "mega whales" now hold more ETH than they did during a 95% rally in mid-2022. - Whale accumulation has rebounded 9.31% since October 2024, signaling bullish market potential. On July 8, 2025, Cointelegraph reported that Ethereum's largest holders, known as "mega whales," are accumulating ETH at an unprecedented pace. As of July 7, wallets holding at least 10,000 ETH controlled a combined 41.06 million ETH. This marks a notable recovery from their record low of 37.56 million ETH in October 2024, and the sharp 9.31% increase nearly doubles the accumulation rate seen from May to September 2022. During that period, ETH’s price rallied from approximately $1,000 to over $1,950. This large-scale accumulation mirrors a pattern from late 2020, when a 4% rise in whale holdings preceded a price surge from $460 to $1,220. Therefore, analysts suggest this renewed buildup signals a potential bullish market shift, particularly as Ethereum consolidates within a technical "bull pennant" pattern on its daily chart. A breakout from this pattern could propel ETH prices toward $3,400 by August 2025, and some forecasts predict a further rally to $5,000 by year-end. In addition, data shows a strong support zone for Ethereum in the $2,500–$2,536 range, where investors have concentrated over 3.45 million ETH. This cost basis, largely established by long-term investors, underlines the strength of Ethereum's current consolidation. While ETH’s price has remained stable in recent weeks, the rising accumulation has coincided with increased capital inflows into Ethereum-focused investment funds, indicating heightened interest from institutional and high-net-worth investors. According to market data, Ethereum (ETH) was trading at $2,613.50 as of 19:16 UTC on July 8, with its 24-hour trading volume up 2.73%.